Crude prices top $58 on better-than-expected unemployment data

• Source: xinhua
• [17:42 May 09 2009]
• Comments

Crude prices topped 58 US dollars a barrel on Friday as better-than-expected unemployment data boosted optimistic expectations on energy demand.

The US Labor Department said that employers cut 539,000 jobs in April. That was less than expected and the smallest reduction in six months. However, the US unemployment rate climbed to 8.9 percent, the highest since late 1983.

Signs of a potential economic recovery have helped increase oil prices by around 70 percent from February lows below 34 dollars a barrel.

Light, sweet crude for June delivery rose 1.92 dollars to settle at 58.63 dollars a barrel on the New York Mercantile Exchange after touching 58.69 dollars, the highest level since Nov.17. In London, Brent crude settled 1.67 dollars up at 58.14 dollars a barrel.